By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) maintained its early gains on Sunday, backed by the buildup of new positions in blue chips
The main index advanced 0.67% or 23.59 points to reach 3,535.36 points.
The services sector was the best performer with a 2.9% rise, spurred by Amanat Holdings which advanced 3.3%. The consumer staples sector also went up 1.7% as Dubai Parks and Resorts increased 1.8%.
The real estate sector advnaced 1.32% after Emaar Properties grew 1.4%, while the investment sector climbed 0.5% as DFM Company levelled up 1.5%. The banks sector also gained 0.07% due to a rise in Mashreq Bank and Dubai Islamic Bank (DIB) by 8.9% and 0.2% respectively.
On the flipside, the transportation sector led losers after falling 0.5%, dragged down by Air Arabia which slid 0.73%.
Trading volume reached 366.54 million shares on Sunday, compared to 420.53 million shares last Thursday. Turnover stood at AED 436.97 million, compared to AED 538.46 million.
The market’s gains were driven by catalysts like the launch of equity futures market by Nasdaq Dubai and the near kickoff of major projects in Cityscape Global 2016, in addition of the stability of oil prices, according to capital market analyst Salam Saeed.
The rise of blue chips pushed the DFMGI to stabilise above 3,500 points, capital market analyst Gamal Abdel Hamid said.
The main index is likely to continue its rise to 3,550-3,580 points, Abdel Hamid said, adding that traders should increase their positions especially in real estate blue chips.
Translated by: Julian Nabil
